| | SEPTEMBER 20238Based on an SBI report, internal migration increased state GDP by Rs 15 lakh crore. According to the report, the increase in productivity due to human resource redistribution far outweighs the loss in GDP of states where people are leaving.The report looks at income tax returns to see how circular migration affects the rise of the middle class. The weighted average income of Rs 4.4 lakh in 2014 has increased to Rs 13 lakh. With the distribution of tax filers shifting from lower-income to upper-income groups, it will rise to Rs 49.7 lakh by 2047.According to the report, six major Indian states - Delhi, Tamil Nadu, Kerala, Gujarat, Karnataka, and Maharashtra - have net positive migration. According to the analysis, the migrant population contributed 0.5-2.5 Percent of GSDP, for a total contribution of around 7.8 Percent (roughly Rs 15 lakh crore). UP, Bihar, Rajasthan, Madhya Pradesh, Odisha, Andhra Pradesh, and West Bengal are the states with the highest negative migration rates.According to an SBI report, nearly 25 Percent of income tax filers are expected to leave the lowest income bracket by FY47, compared to 13.6 Percent leaving the same bracket between assessment years 12-23. "Weighted mean income of Rs 4.4 lakh in AY14 (based on ITR returns) has increased to Rs 13 lakh (aided by transition from lower to upper income group as well as buoyancy in the number of tax-filers who were previously not reporting income) and to Rs 49.7 lakhs in 2047 with the shifting of distribution of tax-filers from lower to upper income," according to the report. Based on officials, Coal India capital expenditure increased by 8.5 Percent from April to July this fiscal year to Rs 4,700 crore as the company continued to invest heavily in evacuation infrastructure, land, and mining machinery. The capex spend during the first four months of the current fiscal year, which began in April, was nearly 100 Percent of the target of Rs 4,754 crore and 28.33 Percent of the annual target of Rs 16,600 crore (for fiscal 2023-24), they said.Typically, capex begins slowly in the first quarter, with the company laying out its expenditure plans at the start of the fiscal year, and gradually increases in subsequent quarters.The 8.5 percent capex growth in April-July FY24 was notable because it came from a high base of Rs 4,332 crore in the same period in FY2023, when CIL's capex peaked at an all-time high of Rs 18,619 crore."At a time when the government has directed central public sector units to increase capital expenditure for economic revival, CIL has increased capex by threefold (197 Percent) in three years." "Capex increased sharply from Rs 6,270 crore in FY 2020 to Rs 18,619 crore in FY 2023 (April 2022 to March 2023)," said a senior official of the world's largest coal miner. LOCAL MIGRATION CONTRIBUTES RS.15, 00,000 CRORE TO STATE GDP, SAYS SBI REPORTCOAL INDIA CAPEX INCREASES THREEFOLD IN THREE YEARS, OFFICIALS SAYIN FOCUSIN FOCUS
< Page 7 | Page 9 >